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Delta 9 Cannabis Inc
Symbol DN
Shares Issued 89,213,478
Close 2020-10-29 C$ 0.57
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Delta 9 expects Q3 revenue of up to $13.2-million

2020-10-29 18:08 ET - News Release

Mr. John Arbuthnot reports

DELTA 9 PROVIDES GUIDANCE & TIMING FOR Q3 2020 RESULTS

Delta 9 Cannabis Inc. has provided guidance on select financial results of the company for the third quarter of 2020 based on preliminary results:

  • The company anticipates revenues for the three-month period ending Sept. 30, 2020, to be between $12.9-million and $13.2-million, compared with:
    • $6.7-million for the third quarter of 2019;
    • $13-million sequentially for the second quarter of 2020.
  • Based on preliminary results, the company anticipates revenues for the nine-month period ending Sept. 30, 2020, to be between $37.5-million and $38-million, compared with $21.2-million for the same period last year.
  • The company anticipates direct cannabis production cost per gram of 74 cents and total cost per gram of 86 cents for the third quarter 2020, compared with:
    • $1.08 and $1.21 respectively for the third quarter of 2019;
    • 96 cents and $1.08 respectively for the second quarter of 2020.
  • Delta 9 anticipates total grams of cannabis produced of 1,908,875 for the third quarter of 2020, compared with:
    • 871,516 grams of cannabis for the third quarter of 2019;
    • 1,649,347 grams of cannabis for the second quarter of 2020.
  • Management believes that continued revenue growth and disciplined cost management initiatives will allow the company to continue to achieve positive cash flows from operations in fiscal 2020.

"We are pleased with the performance of our three main business segments, especially the revenue growth generated from our retail stores," said John Arbuthnot, chief executive officer of Delta 9. "Delta 9 has stayed focused on its strategy of rolling out new retail stores to lock in new sales channels for Delta 9 products and maintain our price leadership strategy in each new market we enter."

Delta 9 will provide investors with a full breakdown on its progress in these areas as part of its third-quarter results, which will be released on Nov. 12, 2020, before markets open. This will be followed by a conference call on Thursday, Nov. 12, 2020, the details of which can be found at the end of this release.

The preliminary estimated financial results and other data for the three-month period ended Sept. 30, 2020, set forth above are subject to the completion of the company's financial closing procedures. These preliminary estimated financial results have been prepared by, and are the responsibility of, the company's management. The company's independent registered public accounting firm, Baker Tilly HMA LLP, has reviewed these preliminary estimated financial results and other data, but did not audit or express an opinion on them.

The company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary, and the company's actual results of operations and other data could differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time such consolidated financial statements for the period ended Sept. 30, 2020, are issued.

2020 third-quarter results conference call

Delta 9 will release the results for the third quarter of 2020 on Nov. 12, 2020, before the market opens. A conference call to discuss the above results is scheduled for Nov. 12, 2020, premarket. The conference call will be hosted that day at 9 a.m. ET by Mr. Arbuthnot, chief executive officer, and Jim Lawson, chief financial officer, followed by a question-and-answer period.

Date:  Nov. 12, 2020

Time:  9 a.m. ET

Dial-in number:  1-888-886-7786

Replay:  1-877-674-6060 (available until 12 midnight ET, Feb. 12, 2021)

Replay passcode:  617905 followed by the number sign

About Delta 9 Cannabis Inc.

Delta 9 Cannabis is a vertically integrated cannabis company focused on bringing the highest-quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels, and sells its cannabis grow pods to other businesses. Delta 9's wholly owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis, and operates an 80,000-square-foot production facility in Winnipeg, Man., Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 cannabis store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol DN and on the OTCQX under the symbol VRNDF.

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